sevn-20220427

Exhibit 99.1

FOR IMMEDIATE RELEASE

Seven Hills Realty Trust Announces First Quarter 2022 Results

Aggregate Loan Commitments Reach $685 Million

Net Income Per Share of $0.76

Adjusted Distributable Earnings Per Share of $0.37

____________________________________________________________________________________________________

Newton, MA (April 27, 2022): Seven Hills Realty Trust (Nasdaq: SEVN) today announced financial results for the quarter ended March 31, 2022.

Tom Lorenzini, President of SEVN, made the following statement:

"During the first quarter of 2022, we made continued progress towards fully investing SEVN's capital while at the same time generating strong financial results. We closed nearly $100 million of new loans this quarter, outpacing loan repayments during the period, and total committed capital increased to $685 million as of the end of the quarter. Our dividend remains well covered and the credit quality of our portfolio remains strong with all loans current on debt service and no loans in default.

To support increased investment activity and earnings growth going forward, we expanded and diversified our secured financing facilities. During the quarter we closed a repurchase facility with Wells Fargo and in April we increased the size of our facility with BMO Harris Bank, raising our maximum borrowing capacity to more than $800 million. With a full year operating as a mortgage REIT behind us, we remain well positioned to continue to generate new loan originations along with enhanced returns to our shareholders."

Quarterly Results


	Three Months Ended
(dollars in thousands, except per share data)	March 31, 2022	December 31, 2021	Change
Net income	$11,126	$20,656	(46.1%)
Net income per diluted share	$0.76	$1.42	(46.5%)
Distributable Earnings	$5,273	$2,170	143.0%
Distributable Earnings per diluted share	$0.36	$0.15	140.0%
Adjusted Distributable Earnings	$5,310	$3,041	74.6%
Adjusted Distributable Earnings per diluted share	$0.37	$0.21	76.2%
Income from investments, net	$13,777	$24,568	(43.9%)
Book value per common share	$18.17	$17.65	2.9%
Adjusted Book Value per common share (1)	$18.95	$18.85	0.5%

(1)Adjusted Book Value per common share is a non-GAAP financial measure that excludes the impact of the unaccreted purchase discount resulting from the excess of the fair value of the loans Tremont Mortgage Trust, or TRMT, then held for investment and which SEVN acquired as a result of the merger with TRMT, or the Merger, over the consideration SEVN paid in the Merger. The purchase discount of $36.4 million was allocated to each acquired loan and is being accreted into income over the remaining term of the respective loan. As of March 31, 2022 and December 31, 2021, Adjusted Book Value per common share excludes $11.5 million, or $0.78 per common share, and $17.4 million, or $1.20 per common share, respectively, of unaccreted purchase discount.

Additional information and a reconciliation of net income determined in accordance with U.S. generally accepted accounting principles, or GAAP, to Distributable Earnings and Adjusted Distributable Earnings for the quarters ended March 31, 2022 and 2021 appear later in this press release.

Portfolio Summary



(dollars in thousands)	March 31, 2022	December 31, 2021	September 30, 2021
Number of loans	27	26	22
Total loan commitments	$684,547	$648,266	$525,885
Weighted average maximum maturity (years)	3.7	3.8	3.7
Weighted average coupon rate	4.57%	4.54%	4.86%
Weighted average all in yield	5.10%	5.08%	5.43%
Weighted average floor	0.61%	0.68%	1.01%
Weighted average risk rating	2.8	2.9	3.0
Weighted average loan to value	68%	68%	68%

Recent Investment Activities

SEVN originated the following first mortgage loans during the three months ended March 31, 2022:

Location

Property Type

Origination Date

Committed Principal

Principal as of March 31, 2022

Coupon Rate

All in Yield

Maximum
Maturity
(date)

Loan to Value

(dollars in thousands)

Delray Beach, FL

Retail

03/18/2022

16,000

13,034

S + 4.25%

S + 5.00%

03/18/2026

Starkville, MS

Multifamily

03/22/2022

37,250

35,950

S + 4.00%

S + 4.33%

03/22/2027

Brandywine, MD

Retail

03/29/2022

42,500

42,200

S + 3.85%

S + 4.25%

03/29/2027

Total/weighted average

95,750

91,184

S + 3.97%

S + 4.39%

•During the quarter ended March 31, 2022, SEVN received $48.2 million of loan repayment proceeds.

Recent Financing Activities

•On March 11, 2022, SEVN entered into an agreement with Wells Fargo, National Association for a master repurchase facility in the maximum principal amount of $125.0 million, with an option to increase the maximum facility to $250.0 million, subject to terms and conditions.

•On March 15, 2022, SEVN entered into an amended and restated master repurchase agreement with Citibank, N.A. which increased the maximum amount of available advancements to $215.0 million, extended the stated maturity date to March 15, 2025 and made certain other changes to the agreement and related fee letter, including replacing the London Interbank Offered Rate, or LIBOR, with the Secured Overnight Financing Rate, or SOFR, for interest rate calculations on advancements under the facility and modifying certain pricing terms.

•On April 25, 2022, SEVN amended its facility loan program agreement and the security agreement with BMO Harris Bank N.A. to increase the maximum principal amount available under our credit facility from $100.0 million to $150.0 million.

•The aggregate outstanding principal balance under SEVN's secured financing facilities was $369.4 million as of March 31, 2022 and $378.9 million as of April 25, 2022.

•As of March 31, 2022, SEVN was in compliance with all covenants and other terms under its secured financing facilities.

Distributions

•On February 17, 2022, SEVN paid a quarterly distribution of $0.25 per common share, or approximately $3.6 million, to shareholders of record as of January 24, 2022.

•On April 14, 2022, SEVN declared a quarterly distribution of $0.25 per common share, or approximately $3.6 million, to shareholders of record on April 25, 2022. SEVN expects to pay this distribution on May 19, 2022.

Conference Call

At 11:00 a.m. Eastern Time on Thursday, April 28, 2022, President, Tom Lorenzini, and Chief Financial Officer and Treasurer, Doug Lanois, will host a conference call to discuss SEVN’s first quarter 2022 financial results. The conference call telephone number is (877) 270-2148. Participants calling from outside the United States and Canada should dial (412) 902-6510. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time on Thursday, May 5, 2022. To access the replay, dial (412) 317-0088. The replay pass code is 9752250.

A live audio webcast of the conference call will also be available in a listen-only mode on SEVN’s website, which is located at www.sevnreit.com. Participants wanting to access the webcast should visit SEVN’s website about five minutes before the call. The archived webcast will be available for replay on SEVN’s website after the call. The transcription, recording and retransmission in any way of SEVN’s first quarter conference call are strictly prohibited without the prior written consent of SEVN.

Supplemental Data

A copy of SEVN’s First Quarter 2022 Supplemental Operating and Financial Data is available for download at SEVN’s website, www.sevnreit.com. SEVN’s website is not incorporated as part of this press release.

About Seven Hills Realty Trust

Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate investment trust, or REIT, that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with more than $37 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.

Non-GAAP Financial Measures

SEVN presents Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings, Adjusted Distributable Earnings per common share and Adjusted Book Value per common share, which are considered “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or SEC.

These non-GAAP financial measures do not represent net income, net income per common share or cash generated from operating activities and should not be considered as an alternative to net income or net income per common share determined in accordance with GAAP or as an indication of SEVN’s cash flows from operations determined in accordance with GAAP, a measure of SEVN’s liquidity or operating performance or an indication of funds available for SEVN’s cash needs. In addition, SEVN’s methodologies for calculating these non-GAAP financial measures may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures; therefore, SEVN’s reported Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share may not be comparable to the distributable earnings, distributable earnings per common share, adjusted distributable earnings and adjusted distributable earnings per common share as reported by other companies.

SEVN calculates Distributable Earnings and Distributable Earnings per common share as net income and net income per common share, respectively, computed in accordance with GAAP, including realized losses not otherwise included in net income determined in accordance with GAAP, and excluding: (a) the management incentive fees earned by SEVN’s manager, if any; (b) depreciation and amortization, if any; (c) non-cash equity compensation expense; (d) unrealized gains, losses and other similar non-cash items that are included in net income for the period of the calculation (regardless of whether such items are included in or deducted from net income or in other comprehensive income under GAAP), if any; and (e) one-time events pursuant to changes in GAAP and certain non-cash items, if any. Distributable Earnings are reduced for realized losses on loan investments when amounts are deemed uncollectable.

SEVN defines Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share as Distributable Earnings and Distributable Earnings per common share, respectively, excluding the effects of certain non-recurring transactions.

Management believes that Adjusted Book Value per common share is a meaningful measure of SEVN's capital adequacy because it excludes the unaccreted purchase discount resulting from the excess of the fair value of the loans TRMT then held for investment and that SEVN acquired as a result of the Merger over the consideration SEVN paid in the Merger. Adjusted Book Value per common share does not represent book value per common share or alternative measures determined in accordance with GAAP. SEVN's methodology for calculating Adjusted Book Value per common share may differ from the methodologies employed by other companies to calculate the same or similar supplemental capital adequacy measures; therefore, SEVN's Adjusted Book Value per common share may not be comparable to the adjusted book value per common share reported by other companies.

In order to maintain its qualification for taxation as a REIT, SEVN is generally required to distribute substantially all of its taxable income, subject to certain adjustments, to its shareholders. SEVN believes that one of the factors that investors consider important in deciding whether to buy or sell securities of a REIT is its distribution rate. Over time, Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share may be useful indicators of distributions to SEVN's shareholders and are measures that are considered by SEVN's Board of Trustees when determining the amount of distributions. SEVN believes that Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share provide meaningful information to consider in addition to net income, net income per common share and cash flows from operating activities determined in accordance with GAAP. These measures help SEVN evaluate its performance excluding the effects of certain transactions, the variability of any management incentive fees that may be paid or payable and GAAP adjustments that SEVN believes are not necessarily indicative of SEVN’s current loan portfolio and operations. In addition, Distributable Earnings is used in determining the amount of base management and management incentive fees payable by SEVN to its manager under SEVN’s management agreement.

Please see the pages attached hereto for a more detailed statement of SEVN’s operating results and financial condition and for an explanation of SEVN's calculation of Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share and a reconciliation of net income and net income per common share determined in accordance with GAAP to those amounts.

SEVEN HILLS REALTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
	2022		2021
INCOME FROM INVESTMENTS:
Interest income from investments	$	9,579		$	2,001
Purchase discount accretion	5,935			—
Less: interest and related expenses	(1,737)			—
Income from investments, net	13,777			2,001

OTHER EXPENSES:
Base management fees	1,063			715
General and administrative expenses	946			592
Reimbursement of shared services expenses	560			326
Other transaction related costs	37			—
Total other expenses	2,606			1,633

Income before income tax expense	11,171			368
Income tax expense	(45)			(18)
Net income	$	11,126		$	350

Weighted average common shares outstanding - basic	14,505			10,202
Weighted average common shares outstanding - diluted	14,519			10,202

Net income per common share - basic and diluted	$	0.76		$	0.03

SEVEN HILLS REALTY TRUST

CALCULATION AND RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS AND

ADJUSTED DISTRIBUTABLE EARNINGS

(amounts in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
	2022		2021
Reconciliation of net income to Distributable Earnings and Adjusted Distributable Earnings:
Net income	$	11,126	$	350



Non-cash equity compensation expense	82		—


Non-cash accretion of purchase discount	(5,935)		—

Distributable Earnings	5,273		350
Other transaction related costs (1)	37		—

Adjusted Distributable Earnings	$	5,310	$	350

Weighted average common shares outstanding - basic	14,505		10,202
Weighted average common shares outstanding - diluted	14,519		10,202

Distributable Earnings per common share - basic and diluted	$	0.36	$	0.03
Adjusted Distributable Earnings per common share - basic and diluted	$	0.37	$	0.03

(1) Other transaction related costs include expenses related to the Merger and to our conversion from a Maryland statutory trust to a Maryland REIT.

SEVEN HILLS REALTY TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(unaudited)


	March 31,		December 31,
	2022		2021
ASSETS
Cash and cash equivalents	$	8,953	$	26,197
Restricted cash	9		98
Loans held for investment, net	622,710		570,780


Prepaid expenses and other assets	3,353		2,918
Total assets	$	635,025	$	599,993

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accrued liabilities and deposits	$	967	$	1,561
Secured financing facilities, net	367,679		339,627

Due to related persons	1,126		1,111
Total liabilities	369,772		342,299

Commitments and contingencies

Shareholders' equity:
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 14,597,079 shares issued and outstanding	15		15
Additional paid in capital	237,706		237,624
Cumulative net income	35,776		24,650
Cumulative distributions	(8,244)		(4,595)
Total shareholders' equity	265,253		257,694
Total liabilities and shareholders' equity	$	635,025	$	599,993

Warning Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever SEVN uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, SEVN is making forward-looking statements. These forward-looking statements are based upon SEVN’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by SEVN’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SEVN’s control. For example:

•Mr. Lorenzini states that SEVN made continued progress towards fully investing SEVN's capital while generating strong financial results. Mr. Lorenzini also states that SEVN closed nearly $100 million of new loans and total committed capital increased to $685 million. These statements may imply that SEVN will experience continued growth in future periods including in its loan originations and investment income. However, SEVN operates in a highly competitive industry and its business is subject to various risks, many of which are outside its control. These risks and other factors may prevent SEVN from successfully closing additional loans, executing its business plans and realizing its investment objectives. Further, once SEVN invests or commits its remaining capital, its ability to continue to grow and fund loans will be subject to its ability to obtain additional cost-effective capital or to redeploy proceeds from repayments of its loan investments. Additionally, any growth of its loan portfolio may not benefit SEVN if, for example, SEVN does not realize the returns it expects from that growth.

•Mr. Lorenzini states that SEVN's dividend remains well covered. This statement may imply that SEVN will continue to pay quarterly dividends of $0.25 per common share or increase the amount of quarterly dividends in the future. However, the timing, amount and form of any future distributions will be determined at the discretion of SEVN's Board of Trustees and will depend upon various factors that its Board of Trustees deems relevant, including SEVN's historical and projected income, its Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share, the then current and expected needs and availability of cash to pay its obligations and fund its investments, distributions which may be required to be paid to maintain SEVN's qualification for taxation as a REIT, limitations on distributions contained in SEVN's financing arrangements and other factors deemed relevant by SEVN's Board of Trustees. Accordingly, future dividends may be increased, decreased, suspended or discontinued, and there is no assurance as to the rate at which future dividends, if any, will be paid.

•Mr. Lorenzini states that the credit quality of SEVN's portfolio remains strong with its loans current on debt service and no loans in default. This statement may imply that SEVN’s loans will remain current. However, SEVN's borrowers' and their tenants' businesses are subject to risks, including those related to the COVID-19 pandemic and its resulting economic impacts. As a result of these or other factors, SEVN’s loans may not continue to remain current.

•Mr. Lorenzini states that SEVN expanded and diversified its secured financing facilities to support increased investment activity and earnings growth going forward. Mr. Lorenzini also states that SEVN remains well positioned to continue to generate new loan originations along with enhanced returns to SEVN's shareholders. These statements may imply that SEVN will be able to meet the conditions to access the financing under its secured financing facilities, originate additional loans,

increase its earnings and enhance returns to its shareholders. However, SEVN may not satisfy these conditions, which may prevent SEVN from successfully closing additional loans, executing and realizing its business objectives, increasing its earnings and enhancing shareholders returns.

The information contained in SEVN's filings with the SEC, including under “Risk Factors” in SEVN's periodic reports, or incorporated therein, identifies other important factors that could cause SEVN’s actual results to differ materially from those stated in or implied by SEVN’s forward looking statements. SEVN’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, SEVN does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

Contact:

Kevin Barry

Director, Investor Relations

(617) 796-7651

(END)

1 FIRST QUARTER 2022 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Exhibit 99.2

2 Supplemental Q1 2022 2 Table of Contents CORPORATE INFORMATION Company Profile ...................................................................................................................................................................... 3 Investor Information and Research Coverage ................................................................................................................... 4 Company Highlights ............................................................................................................................................................... 5 PORTFOLIO OVERVIEW First Quarter 2022 Highlights ................................................................................................................................................ 6 Loan Portfolio Summary ......................................................................................................................................................... 7 Portfolio Growth and Diversification ................................................................................................................................... 8 Portfolio Credit Quality .......................................................................................................................................................... 9 Capital Structure Overview .................................................................................................................................................... 10 Interest Rate Sensitivity ........................................................................................................................................................... 11 APPENDIX Loan Investment Details ......................................................................................................................................................... 13 Purchase Discount Details ..................................................................................................................................................... 15 Condensed Consolidated Balance Sheets ......................................................................................................................... 16 Condensed Consolidated Statements of Operations ...................................................................................................... 17 Reconciliation of Net Income to Distributable Earnings and Adjusted Distributable Earnings ............................... 18 WARNING CONCERNING FORWARD-LOOKING STATEMENTS ................................................................................................ 19 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS Non-GAAP Financial Measures ............................................................................................................................................. 20 Other Measures and Definitions .......................................................................................................................................... 21 Please refer to Non-GAAP Financial Measures and Other Measures and Definitions for terms used throughout this document.

3 Supplemental Q1 2022 3 Management: Our manager, Tremont Realty Capital LLC, or Tremont, is registered with the Securities and Exchange Commission, or SEC, as an investment adviser. Tremont is owned by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on CRE and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of March 31, 2022, RMR had more than $37 billion of real estate assets under management and the combined RMR managed companies had approximately $12 billion of annual revenues, nearly 2,200 properties and approximately 37,000 employees. We believe our manager’s relationship with RMR provides us with a depth of market knowledge that may allow us to identify high quality investment opportunities and to evaluate them more thoroughly than many of our competitors, including other commercial mortgage REITs. We also believe RMR’s broad platform provides us with access to RMR’s extensive network of real estate owners, operators, intermediaries, sponsors, financial institutions and other real estate related professionals and businesses with which RMR has historical relationships. We also believe that our manager provides us with significant experience and expertise in investing in middle market and transitional CRE. The Company: Seven Hills Realty Trust, or SEVN, we, our or us, is a real estate investment trust, or REIT, that focuses on originating and investing in floating rate first mortgage loans secured by middle market and transitional commercial real estate, or CRE. We define middle market CRE as commercial properties that have values up to $100.0 million and transitional CRE as commercial properties subject to redevelopment or repositioning activities that are expected to increase the value of the properties. Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (617) 332-9530 Stock Exchange Listing: Nasdaq Trading Symbol: Common Shares: SEVN Key Data (as of and for the three months ended March 31, 2022): (dollars in thousands) Q1 2022 income from investments, net $ 13,777 Q1 2022 net income $ 11,126 Q1 2022 Adjusted Distributable Earnings $ 5,310 Loans held for investment, net $ 622,710 Total assets $ 635,025 Company Profile RETURN TO TABLE OF CONTENTSCORPORATE INFORMATION

4 Supplemental Q1 2022 4 Investor Information and Research Coverage Board of Trustees Barbara D. Gilmore Phyllis M. Hollis William A. Lamkin Joseph L. Morea Jeffrey P. Somers Independent Trustee Independent Trustee Independent Trustee Lead Independent Trustee Independent Trustee Matthew P. Jordan Adam D. Portnoy Managing Trustee Chair of the Board & Managing Trustee Executive Officers Equity Research Coverage Thomas J. Lorenzini G. Douglas Lanois JMP Securities President Chief Financial Officer and Treasurer Chris Muller, CFA (212) 906-3559 Contact Information [email protected] Investor Relations Inquiries Seven Hills Realty Trust Financial, investor and media inquiries should be directed to: Jones Trading Institutional Services, LLC Two Newton Place Kevin Barry, Director, Investor Relations Jason M. Stewart 255 Washington Street, Suite 300 at (617) 332-9530 or [email protected] (646) 465-9932 (617) 796-8253 [email protected] [email protected] www.sevnreit.com SEVN is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding SEVN’s performance made by these analysts do not represent opinions, estimates or forecasts of SEVN or its management. SEVN does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts. CORPORATE INFORMATION RETURN TO TABLE OF CONTENTS

5 Supplemental Q1 2022 5 Note: As of March 31, 2022 Company Highlights CORPORATE INFORMATION 27 Floating Rate First Mortgage Loans SEVN Nasdaq Listed $685M Total Loan Commitments 100% Loans Current on Debt Service $632M Total Debt Capacity 68% Weighted Average Loan to Value 1.4x Debt to Equity Ratio 2.8 Weighted Average Portfolio Risk Rating 0.6x Price to Adjusted Book Value RETURN TO TABLE OF CONTENTS

6 Supplemental Q1 2022 6 Financial Results Investment Activity Portfolio Update Capitalization Note: As of and for the three months ended March 31, 2022 (unless otherwise noted) • Generated net income of $11.1 million, or $0.76 per diluted share, and Adjusted Distributable Earnings of $5.3 million, or $0.37 per diluted share. • Book value per common share of $18.17 and Adjusted Book Value per common share of $18.95. • Declared quarterly dividend of $0.25 per common share. • Portfolio of 27 first mortgage loans with an aggregate total loan commitment of $684.5 million. • Diversified across geographic and property types. • All loans current on debt service and credit quality remains strong at a weighted average risk rating of 2.8. • Closed three new loans with a total commitment of $95.8 million and weighted average coupon rate of 3.97%. • Two loans with an aggregate principal of $47.9 million were fully repaid during the quarter. • Continued execution of business plan with anticipated total aggregate loan commitments of approximately $950.0 million when fully invested. • Entered into a new Master Repurchase Facility with an initial capacity of $125.0 million, and an option to increase the capacity to $250.0 million, for future originations and fundings. • Extended the maturity date of one of our Master Repurchase Facilities by three years to March 2025. • Outstanding principal balance of $369.4 million under our Secured Financing Facilities. First Quarter 2022 Highlights PORTFOLIO OVERVIEW RETURN TO TABLE OF CONTENTS

7 Supplemental Q1 2022 7 (dollars in thousands) First Quarter 2022 Portfolio Activity (dollars in millions) Total Loan Commitments Unfunded Commitments First Quarter Originations As of March 31, 2022 Number of loans 3 27 Average loan commitment $31,917 $25,354 Total loan commitments $95,750 $684,547 Unfunded loan commitments $4,566 $47,812 Principal balance $91,184 $636,831 Weighted average coupon rate 3.97% 4.57% Weighted average All In Yield 4.39% 5.10% Weighted average Maximum Maturity 4.9 3.7 Weighted average LTV 64% 68% Weighted average floor 0.10% 0.61% Loans with active floors 0% 41% Weighted average risk rating 3.0 2.8 Principal Balance First Quarter 2022 Portfolio Summary $684.5 PORTFOLIO OVERVIEW RETURN TO TABLE OF CONTENTS $648.3

8 Supplemental Q1 2022 8 Retail Geographic Region (2) Property Type (2) (dollars in millions) Portfolio Growth and Diversification (1) Includes loans originated by Tremont Mortgage Trust, or TRMT, and acquired by SEVN on September 30, 2021, as a result of the merger with TRMT, or the Merger. (2) Based on principal balance of loans held for investment as of March 31, 2022. Total Loan Commitments Unfunded Commitments Principal Balance Loan Originations by Quarter (1) PORTFOLIO OVERVIEW Loan Count 3 6 6 3 RETURN TO TABLE OF CONTENTS 2

9 Supplemental Q1 2022 9 Loan Count Loan to Value (1) % of Portfolio Portfolio Credit Quality Loan Count 3 2 9 11 2 0 8 17 2 0 Risk Rating Distribution (1) % of Portfolio Weighted Average LTV: 68% Weighted Average Risk Rating: 2.8 (1) Percentage of portfolio based on principal balance of loans held for investment as of March 31, 2022. PORTFOLIO OVERVIEW RETURN TO TABLE OF CONTENTS

10 Supplemental Q1 2022 10 CA PI TA L ST RU CT UR E OV ER VI EW Secured Financing Facilities Maximum Facility Size Principal Balance Unused Capacity Weighted Average Advance Rate Weighted Average Coupon Rate Weighted Average Remaining Maturity (1) Master Repurchase Facilities $ 532,000 $ 287,156 $ 244,844 72.1% 2.36% 1.7 Asset Specific Financing 100,000 82,276 17,724 75.0% 2.16% 2.7 Total $ 632,000 $ 369,432 $ 262,568 72.8% 2.32% 1.9 Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share Shareholders’ equity $ 265,253 Total outstanding common shares 14,597 Book value per common share 18.17 Unaccreted purchase discount per common share 0.78 Adjusted Book Value per common share (2) $ 18.95 Capital Structure Detail (amounts in thousands, except per share data) (1) The weighted average remaining maturity of our Master Repurchase Facilities is determined using the earlier of the underlying loan maturity date and the respective repurchase agreement maturity date. The weighted average remaining maturity of Asset Specific Financing is determined using the underlying loan maturity date. (2) Adjusted Book Value per common share excludes the impact of the unaccreted purchase discount resulting from the excess fair value over the purchase price of the loans held for investment acquired in the Merger. The purchase discount of $36.4 million was allocated to each acquired loan held for investment and is accreted into income over the remaining term of the respective loan held for investment. As of March 31, 2022, the unaccreted purchase discount was $11.5 million. Capital Structure Overview as of March 31, 2022 Capital Structure Composition RETURN TO TABLE OF CONTENTS PORTFOLIO OVERVIEW RETURN TO TABLE OF CONTENTS

11 Supplemental Q1 2022 11 The interest income on our loans held for investment and the interest expense on our borrowings float with an interest rate index, either LIBOR or SOFR, subject to applicable floor arrangements. We have interest rate floor provisions in all but one of our loan agreements with borrowers which set a minimum LIBOR or SOFR for each loan. These floors range from 0.10% to 2.32% and the portfolio weighted average is 0.61% as of March 31, 2022. As a result, our interest income will increase if LIBOR or SOFR, as applicable, exceeds the floor established in any of our investments, and if LIBOR or SOFR, as applicable, decreases below the floor established in any of our investments, our interest income for the respective loan will not be impacted. Our borrowings are not subject to interest rate floor provisions. As a result, our interest expense will increase if the applicable interest rate index increases and will decrease if such rate decreases. The above table illustrates the incremental impact on our annual income from investments, net, due to hypothetical increases and decreases in LIBOR or SOFR, taking into consideration our borrowers’ interest rate floors as of March 31, 2022. The results in the table above are based on our loan portfolio and debt outstanding at March 31, 2022. Any changes to the mix of our investments or debt outstanding could impact the interest rate sensitivity analysis, and this illustration is not meant to forecast future results. Interest rates under our loan agreements with borrowers entered into prior to January 1, 2022 have been or are expected to be amended to replace LIBOR with SOFR prior to June, 2023. As of January 1, 2022, interest rates under our new loan agreements with borrowers are based on SOFR. Our master repurchase agreement with Citibank, N.A. was amended and restated in March 2022 to, among other things, replace LIBOR with SOFR for interest rate calculations on advances. Interest rates on advances under our Asset Specific Financing and our Master Repurchase Facility with Wells Fargo, National Association have been based on SOFR since we entered into the agreements governing those facilities. Interest Rate Sensitivity Net Interest Income Per Share Sensitivity to Changes to Interest Rate Index (1) (Annualized impact per share) PORTFOLIO OVERVIEW RETURN TO TABLE OF CONTENTS (1) Based on loans held for investment and Secured Financing Facilities as of March 31, 2022.

12 Supplemental Q1 2022 12APPENDIX Appendix

13 Supplemental Q1 2022 13 First mortgage loans as of March 31, 2022: (1) Location Property Type Origination Date Committed Principal Amount Principal Balance (2) Coupon Rate All in Yield Maturity Date Maximum Maturity Date LTV Risk Rating St. Louis, MO Office 12/19/2018 $ 29,500 $ 28,917 L + 3.25% L + 3.74% 12/19/2022 12/19/2023 72% 2 Coppell, TX Retail 02/05/2019 19,365 19,365 L + 3.50% L + 4.24% 08/12/2022 08/12/2022 73% 3 Yardley, PA Office 12/19/2019 16,500 14,687 L + 4.58% L + 5.80% 12/19/2023 12/19/2024 75% 4 Allentown, PA Industrial 01/24/2020 10,270 10,270 L + 3.50% L + 4.03% 01/24/2023 01/24/2025 67% 2 Dublin, OH Office 02/18/2020 22,820 22,507 S + 3.75% S + 4.95% 02/18/2023 02/18/2023 33% 2 Downers Grove, IL Office 09/25/2020 30,000 29,499 L + 4.25% L + 4.69% 11/25/2023 11/25/2024 67% 3 Los Angeles, CA Retail 12/17/2020 24,600 19,142 L + 4.25% L + 5.05% 12/17/2022 12/17/2024 67% 3 Aurora, IL Office / Industrial 12/18/2020 16,500 14,710 L + 4.35% L + 5.04% 12/18/2023 12/18/2024 73% 2 Miami, FL Office 01/19/2021 10,900 10,900 L + 4.50% L + 5.47% 01/19/2023 01/19/2025 68% 2 Olmstead Falls, OH Multifamily 01/28/2021 54,575 46,084 L + 4.00% L + 4.64% 01/28/2024 01/28/2026 63% 3 Colorado Springs, CO Office / Industrial 04/06/2021 34,275 29,642 L + 4.50% L + 5.03% 04/06/2024 04/06/2025 73% 3 Westminster, CO Office 05/25/2021 15,250 13,759 L + 3.75% L + 4.20% 05/25/2024 05/25/2026 66% 2 Plano, TX Office 07/01/2021 27,385 25,209 L + 4.75% L + 5.17% 07/01/2024 07/01/2026 78% 3 Portland, OR Multifamily 07/09/2021 19,689 19,688 L + 3.57% L + 3.97% 07/09/2024 07/09/2026 75% 3 Portland, OR Multifamily 07/30/2021 13,400 13,400 L + 3.57% L + 3.98% 07/30/2024 07/30/2026 71% 4 Seattle, WA Multifamily 08/16/2021 12,500 12,259 L + 3.55% L + 3.89% 08/16/2024 08/16/2026 70% 3 Loan Investment Details (dollars in thousands) APPENDIX RETURN TO TABLE OF CONTENTS (dollars in thousands)

14 Supplemental Q1 2022 14 First mortgage loans as of March 31, 2022: (1) Location Property Type Origination Date Committed Principal Amount Principal Balance (2) Coupon Rate All in Yield Maturity Date Maximum Maturity Date LTV Risk Rating Dallas, TX Office 08/25/2021 50,000 43,450 L + 3.25% L + 3.61% 08/25/2024 08/25/2026 72% 3 Sandy Springs, GA Retail 09/23/2021 16,488 14,821 L + 3.75% L + 4.11% 09/23/2024 09/23/2026 72% 2 Carlsbad, CA Office 10/27/2021 24,750 23,740 L + 3.25% L + 3.59% 10/27/2024 10/27/2026 78% 3 Bellevue, WA Office 11/05/2021 21,000 20,000 L + 3.85% L + 4.19% 11/05/2024 11/05/2026 68% 3 Ames, IA Multifamily 11/15/2021 18,000 17,680 L + 3.80% L + 4.13% 11/15/2024 11/15/2026 71% 3 Downers Grove, IL Office 12/09/2021 23,530 23,530 L + 4.25% L + 4.57% 12/09/2024 12/09/2026 72% 3 West Bloomfield, MI Retail 12/16/2021 42,500 37,388 L + 3.85% L + 4.66% 12/16/2023 12/16/2024 59% 3 Summerville, SC Industrial 12/20/2021 35,000 35,000 L + 3.50% L + 3.82% 12/20/2024 12/20/2026 70% 2 Delray Beach, FL Retail 03/18/2022 16,000 13,034 S + 4.25% S + 5.00% 03/18/2024 03/18/2026 56% 3 Starkville, MS Multifamily 03/22/2022 37,250 35,950 S + 4.00% S + 4.33% 03/22/2025 03/22/2027 70% 3 Brandywine, MD Retail 03/29/2022 42,500 42,200 S + 3.85% S + 4.25% 03/29/2025 03/29/2027 62% 3 Total/weighted average $ 684,547 $ 636,831 + 3.87% + 4.40% 68% 2.8 Loan Investment Details (Continued) (dollars in thousands) APPENDIX RETURN TO TABLE OF CONTENTS (1) As of April 25, 2022, all of our borrowers had paid their debt service obligations owed and due to us and none of the loans included in our investment portfolio were in default. (2) The principal balance excludes the impact of the $11,458 unaccreted purchase discount related to the Merger.

15 Supplemental Q1 2022 15 (1) The estimate of purchase discount accretion is based on information as of March 31, 2022 and is subject to change as a result of early repayments or modifications of loans accounted for as extinguishments. Purchase Discount Details (dollars in millions) The fair value of the loans acquired in the Merger exceeded the purchase price of the loans. In accordance with U.S. generally accepted accounting principles, or GAAP, a purchase discount is recorded for the difference between the fair value and purchase price of the loans acquired. The purchase discount is accreted into income over the remaining terms of the acquired loans. Purchase Discount Fair value of TRMT loans acquired in the Merger $ 205.6 Less: Purchase price of TRMT loans acquired in the Merger 169.2 Purchase discount as of September 30, 2021 36.4 Less: Accumulated accretion of purchase discount (24.9) Remaining purchase discount to be accreted $ 11.5 Estimate of Purchase Discount Accretion $18.9 $5.9 $1.6 $1.6 $1.6 $4.4 $2.3 Q4 2021 (Actual) Q1 2022 (Actual) Q2 2022 Q3 2022 Q4 2022 2023 2024 (1) PORTFOLIO OVERVIEW RETURN TO TABLE OF CONTENTS

16 Supplemental Q1 2022 16 Financial Summary March 31, 2022 December 31, 2021 ASSETS Cash and cash equivalents $ 8,953 $ 26,197 Restricted cash 9 98 Loans held for investment, net 622,710 570,780 Prepaid expenses and other assets 3,353 2,918 Total assets $ 635,025 $ 599,993 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable, accrued liabilities and deposits $ 967 $ 1,561 Secured financing facilities, net 367,679 339,627 Due to related persons 1,126 1,111 Total liabilities 369,772 342,299 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 14,597,079 shares issued and outstanding 15 15 Additional paid in capital 237,706 237,624 Cumulative net income 35,776 24,650 Cumulative distributions (8,244) (4,595) Total shareholders' equity 265,253 257,694 Total liabilities and shareholders' equity $ 635,025 $ 599,993 Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) APPENDIX RETURN TO TABLE OF CONTENTS

17 Supplemental Q1 2022 17 Condensed Consolidated Statements of Operations Three Months Ended March 31, 2022 2021 INCOME FROM INVESTMENTS: Interest income from investments $ 9,579 $ 2,001 Purchase discount accretion 5,935 — Less: interest and related expenses (1,737) — Income from investments, net 13,777 2,001 OTHER EXPENSES: Base management fees 1,063 715 General and administrative expenses 946 592 Reimbursement of shared services expenses 560 326 Other transaction related costs 37 — Total other expenses 2,606 1,633 Income before income tax expense 11,171 368 Income tax expense (45) (18) Net income $ 11,126 $ 350 Weighted average common shares outstanding - basic 14,505 10,202 Weighted average common shares outstanding - diluted 14,519 10,202 Net income per common share - basic and diluted $ 0.76 $ 0.03 (amounts in thousands, except per share data) APPENDIX RETURN TO TABLE OF CONTENTS

18 Supplemental Q1 2022 18 Three Months Ended March 31, 2022 2021 Reconciliation of net income to Distributable Earnings and Adjusted Distributable Earnings: Net income $ 11,126 $ 350 Non-cash equity compensation expense 82 Non-cash accretion of purchase discount (5,935) — Distributable Earnings 5,273 350 Other transaction related costs (1) 37 — Adjusted Distributable Earnings $ 5,310 $ 350 Weighted average common shares outstanding - basic 14,505 10,202 Weighted average common shares outstanding - diluted 14,519 10,202 Distributable Earnings per common share - basic and diluted $ 0.36 $ 0.03 Adjusted Distributable Earnings per common share - basic and diluted $ 0.37 $ 0.03 Reconciliation of Net Income to Distributable Earnings and Adjusted Distributable Earnings (amounts in thousands, except per share data) APPENDIX RETURN TO TABLE OF CONTENTS (1) Other transaction related costs primarily include expenses related to the Merger and related to our conversion from a Maryland statutory trust to a Maryland REIT.

19 Supplemental Q1 2022 19 This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements WARNING CONCERNING FORWARD-LOOKING STATEMENTS RETURN TO TABLE OF CONTENTS

20 Supplemental Q1 2022 20 ON -G AA P FI NA NC IA L ME AS UR ES A ND C ER TA IN D EF IN IT IO NS We present Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings, Adjusted Distributable Earnings per common share and Adjusted Book Value per common share, which are considered “non-GAAP financial measures” within the meaning of the applicable SEC rules. These non-GAAP financial measures do not represent net income, net income per common share or cash generated from operating activities and should not be considered as an alternative to net income or net income per common share determined in accordance with GAAP or an indication of our cash flows from operations determined in accordance with GAAP, a measure of our liquidity or operating performance or an indication of funds available for our cash needs. In addition, our methodology for calculating these non- GAAP financial measures may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures; therefore, our reported Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings, and Adjusted Distributable Earnings per common share may not be comparable to the distributable earnings and distributable earnings per common share as reported by other companies. We believe that Adjusted Book Value per common share is a meaningful measure of our capital adequacy because it excludes the unaccreted purchase discount resulting from the excess of the fair value of the loans TRMT then held for investment and which we acquired as a result of the Merger over the consideration we paid in the Merger. Adjusted Book Value per common share does not represent book value per common share or alternative measures determined in accordance with GAAP. Our methodology for calculating Adjusted Book Value per common share may differ from the methodologies employed by other companies to calculate the same or similar supplemental capital adequacy measures; therefore, our Adjusted Book Value per common share may not be comparable to the adjusted book value per common share reported by other companies. In order to maintain our qualification for taxation as a REIT, we are generally required to distribute substantially all of our taxable income, subject to certain adjustments, to our shareholders. We believe that one of the factors that investors consider important in deciding whether to buy or sell securities of a REIT is its distribution rate. Over time, Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share may be useful indicators of distributions to our shareholders and are measures that are considered by our Board of Trustees when determining the amount of distributions. We believe that Distributable Earnings, Distributable Earnings per common share, Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share provide meaningful information to consider in addition to net income, net income per common share and cash flows from operating activities determined in accordance with GAAP. These measures help us to evaluate our performance excluding the effects of certain transactions, the variability of any management incentive fees that may be paid or payable and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. In addition, Distributable Earnings is used in determining the amount of base management and management incentive fees payable by us to our Manager under our management agreement. Distributable Earnings: We calculate Distributable Earnings and Distributable Earnings per common share as net income and net income per common share, respectively, computed in accordance with GAAP, including realized losses not otherwise included in net income determined in accordance with GAAP, and excluding: (a) the management incentive fees earned by our Manager, if any; (b) depreciation and amortization, if any; (c) non-cash equity compensation expense; (d) unrealized gains, losses and other similar non-cash items that are included in net income for the period of the calculation (regardless of whether such items are included in or deducted from net income or in other comprehensive income under GAAP), if any; and (e) one-time events pursuant to changes in GAAP and certain non-cash items, if any. Distributable Earnings are reduced for realized losses on loan investments when amounts are deemed uncollectable. Adjusted Distributable Earnings: We define Adjusted Distributable Earnings and Adjusted Distributable Earnings per common share as Distributable Earnings and Distributable Earnings per common share, respectively, excluding the effects of certain non-recurring transactions. Adjusted Book Value: Adjusted Book Value per common share is a non-GAAP measure that excludes the impact of the unaccreted purchase discount resulting from the excess of the fair value of the loans TRMT then held for investment which we acquired as a result of the merger with TRMT over the consideration we paid in the merger. Non-GAAP Financial Measures NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS RETURN TO TABLE OF CONTENTS

21 Supplemental Q1 2022 21 ON -G AA P FI NA NC IA L ME AS UR ES A ND C ER TA IN D EF IN IT IO NS All In Yield: All In Yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion. Asset Specific Financing: Amounts advanced under the facility loan agreement and security agreement with BMO Harris Bank N.A. are pursuant to separate facility loan agreements that we refer to as Asset Specific Financing. LIBOR: LIBOR refers to the London Interbank Offered Rate. LTV: Loan to value ratio, or LTV, represents the initial loan amount divided by the underwritten in-place value of the underlying collateral at closing. Master Repurchase Facilities: Collectively, we refer to the master repurchase facilities with UBS AG, Citibank, N.A. and Wells Fargo, National Association as our Master Repurchase Facilities. Maximum Maturity: Maximum Maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions. Secured Financing Facilities: Collectively, we refer to the Master Repurchase Facilities and our Asset Specific Financing as our Secured Financing Facilities. SOFR: SOFR is defined as the secured overnight financing rate. Other Measures and Definitions NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS RETURN TO TABLE OF CONTENTS



001-34383												20-4649929
(Commission File Number)												(IRS Employer Identification Number)




		SEVEN HILLS REALTY TRUST


Date:	April 27, 2022	By:	/s/ G. Douglas Lanois
		Name:	G. Douglas Lanois
		Title:	Chief Financial Officer and Treasurer